Oracle Ridge Copper Mine - Tucson, Arizona
2.17% copper - Production facility construction is expected to begin in the first half of 2012
Message: Closes $1.0 Million Private Placement
| March 5, 2009 |
| Gold Hawk Closes $1.0 Million Private Placement |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2009) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Gold Hawk Resources Inc. ("Gold Hawk" or the "Company") (TSX VENTURE:CGK) is pleased to announce that the Company has completed a non-brokered private placement of 50,000,000 Units at a price of $0.02 per Unit for aggregate proceeds of $1,000,000. Each Unit is comprised of one common share and one 12-month share purchase warrant at $0.05. The Company will use the net proceeds of the private placement to finance expenditures related to its Coricancha mine and for general corporate purposes. "We are very pleased to complete the private placement considering current market conditions," said Kevin Drover, Gold Hawk's President and CEO. "The closing of the private placement provides Gold Hawk with the funds to support the planning activities necessary to obtain restart financing by this summer." Gold Hawk Insiders subscribed for 25% of the private placement, the maximum allowable under TSX Venture Exchange policies. The non-brokered private placement was announced in February 2009. All securities distributed pursuant to the private placement are subject to a four-month hold period that expires on July 6, 2009. The private placement received regulatory approval last week. A finders' fee may be payable on a portion of the private placement in accordance with the policies of the TSX Venture Exchange. This media release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. About Gold Hawk Resources Inc. Gold Hawk (TSX VENTURE:CGK) is a Canada-based precious and base metals company with reserves and resources containing gold, silver, lead, zinc and copper. Since the acquisition of the wholly owned Coricancha mine in Peru in March 2006, the mine and concentrator were refurbished and commercial production status was achieved on October 1, 2007. The rated capacity of the processing facility is approximately 600 tonnes of ore per day. In early May 2008, the Company detected evidence of ground movement uphill and near the tailings handling area and processing plant. As a precautionary measure, company management immediately suspended plant operations and tailings placement pending further investigation of the extent of the movement. Geotechnical consultants subsequently determined the cause of the movement was due to excessive irrigation by third parties of the hillside above the tailings and processing plant. As a result of mitigation measures taken by the Company and termination of use of the irrigation system, the ground movement ceased as of the end of July 2008. On January 7, 2009 the Company received its final permit to construct a new permanent tailings facility at Chinchan and has all of the other permits required for the restart of the mine. Gold Hawk is based in Vancouver, Canada and is operated by an experienced management team. Gold Hawk and its wholly owned subsidiary, Compania Minera San Juan (Peru) S.A. also have exploration properties in Peru and Canada (Quebec), and are actively pursuing other growth opportunities. |
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